Azerbaijani Company Owns Largest Authorized Capital among Caucasus Insurers
Azerbaijan, Baku / Trend corr U. Ismayilova / Azerbaijani insurance company of Xalq Sigorta has increased its authorized capital by over five times amounting it to AZN 10.68mln. The Deputy Director General of Xalq Sigorta, Akbar Tahirli, reported on 4 June that the authorized capital of the company is now on the top among all Azerbaijani and Caucasus insurance companies. The decision to increase the authorized capital was made by the co-founders of Xalq Sigorta.
Xalq Sigorta was co-founded by three Azerbaijani citizens in the December of 2004. The license for insurance activities was issued to the company on 25 March, 2005. On 16 May 2006, the authorized capital of the company amounted to AZN 2mln owing to joining the company by new two juridical persons.
There are 29 insurance companies functioning in Azerbaijan.